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August 2018

Residential Real Estate

Building Your Residential Real Estate Team

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The key thing to being successful in residential real estate is to surround yourself with the right people. That means building the right team. If you’re going to get and control properties, you want to have access to those individuals that are going to help you acquire the inventory.

I like to start building my team with experienced real estate agents. When I talk about experienced real estate agents, I mean someone you can effectively work with and who understands your business.

As we’ve seen in recent years, especially before the crash, a lot of people started jumping into real estate. So anybody — even your neighbor who used to be a mechanic — all of a sudden became a real estate agent.

There’s nothing wrong with that, but the fact is experience helps and it will get you out of trouble when you really need it. Fortunately, those that have stayed through this cycle have learned the ins and outs of the system are going to be able to thrive through what’s coming up next in the residential real estate cycle, and that is key.

You will also want to look for licensed contractors. Some projects require an experienced and licensed contractor, not just a handyman. Don’t get me wrong: Handymen are great as well. You do not need a licensed contractor for every type of work. There are minor things such as painting or crown modeling, little details that a handyman can do. But oftentimes you need somebody that’s going to be able to submit the paperwork to the county, get the license, get the permits and have the expertise to tell you what the structural damage is on properties, and a licensed contractor is a required team player.

I recently got a call on a property from a concerned investor with whom we had previously worked. He told me he’d purchased a fourplex in Huntington Beach, California, through a third party, and he found out the property had about $140,000 of structural damage.

He ran into this problem because he did not partner with the right team. The agent that helped him get into that property was not an experienced agent. The investor had a handyman — instead of a licensed contractor — do the inspection of the property to determine whether it was a good purchase.

If you don’t have the right team in place, you can get into situations like this. The property itself may look like a great purchase, the numbers are great, and you even have an end buyer in place. But, because you did not have the right team in place, you get stuck with losses that could really hurt you.

You’re always looking out for your business. If you’re going to be successful in residential real estate on a bigger scale, remember that it is a team sport.

 

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Luxury Homes

How to Set a Realistic Price for Selling Your Luxury Home

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Even in this day and age, it is quite feasible to sell your home at a reasonable price. Bear in mind that Luxury homes are capable of selling for $7,500,000 or an additional amount, and, despite the condition of the contemporary real estate market, it is for eternity a good time to sell a luxury estate. Consider however that ascertaining the actual asking price for your luxury home can be quite a tedious task. There are certain steps which are necessitated for assisting you in determining a realistic rate for selling your home.

In the initial instance, it is quite imperative to ensure that you engage in realistic discussion with the suitable assistance of a realtor. This is more often than not the simplest method for ascertaining the asking price for your luxury home as the realtor would see to it that a most reasonable rate is fixed for the estate, which would be convenient both for you the seller, as well as the buyer. It is also sensible to entail your individual market scrutiny and this can be accomplished by entailing the services of a reputed website for the county within which your luxury property is situated, and after that it is vital to scrutinize the selling price of comparable homes in the locality

It is also sensible for you to engage the services of an appraiser so as to be aware of the exact price which your home would fetch, within the real estate market. As the appraiser has worked with numerous alternate estates prior to this, he would be able to assist you in the process of determining an exact figure for selling your luxury home.

Within the Internet, there are options galore as far as selling your luxury estate is concerned. With the plethora of alternatives which can be availed through the Internet, it is doubtful as to whether alternate options would be necessitated. However, you can assess the websites of realtors in the vicinity to perceive the prices which have been listed for analogous luxury homes, and this would go a long way in assisting you in the process of ascertaining an exact sum for selling your home as well. Additionally, you can also put in relevant information pertaining to your luxury home in varied websites which have provisions for free of cost assessment pertaining to a luxury home’s worth, and this is ensured minus actually viewing the luxury home.

It is also advisable to contrast the facilities in your home with those of additional homes in the vicinity. See to it if you can lessen your home’s price in contrast to others in the market if the facilities aren’t as eye-catching or plentiful. Also ensure that you ask for an increased rate if your house provides supplementary service.

These are the factors which you must take into consideration when you go about the task of ascertaining a fitting price for selling your estate which is beneficial for you as well as the buyer.

 

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